ARTICLES LABELLED WITH TAG office

While 116,000 sqm of office spaces were leased in Bucharest during Q4 2023, the overall transactional volume climbed to 463,000 sqm during the whole year, marking an all time take-up record, according to a Cushman & Wakefield Echinox report.

Immofinanz Romania, part of CPI Property Group (CPIPG), is reportedly negotiating a partial sale of its Iride Business Park office complex located in northern Bucharest.

Genpact Romania, a provider of professional services firm, has extended its lease in Bucharest-based Hermes Business Campus, owned by Adventum Group, until 2032.

The Regional Research Forum has presented Brno and Ostrava office market data for H2 2023. Renegotiations are the main driver, however headline rents are staying unchanged.

As of the end of 2023, Warsaw remains the leader in Poland’s office market, but the 61,000 sqm (-74% y/y) completed in the last 12 months was one of the lowest results in its history, says Axi Immo. The developer’s lower activity period seems to be over, as by 2026, some 150,000 sqm of new supply should be delivered each year. After a very good 2022, 2023 was not much worse. Between January and December 2023, tenants signed contracts for about 750,000 sqm, meaning the total volume of transactions was slightly 13% lower than the year before. Continued low supply in 2023 and stabilizing demand reduced the vacancy to 647,000 sqm (-11% y/y).

The LIXA E office building, built as part of the office complex near Warsaw’s Daszyński Roundabout, has been granted a use permit. The building developed by Yareal Polska has provided the Warsaw market with almost 18,000 sqm of office space.

Only 60,900 sqm of office space was completed in the Polish capital in 2023, the lowest total in the history of the Warsaw office market. Savills also notes that development activity in Warsaw picked up in the second half of last year in response to a prolonged period of undersupply. In the most optimistic scenario, approximately 445,000 sqm of new office space will be delivered onto the Warsaw market in 2024–2026. 

V Tower is the new name for Warsaw's well-known office building, formerly known as Warta Tower. The renaming of this complex at 85/87 Chmielna Street is just one stage of the revitalization project led by Cornerstone Investment Management. As part of the modernization process, the property is to be equipped with modern systems and solutions, meeting the standards of ecological and technological certifications, 

LemonTree will build Booster Zabrze in cooperation with Commercecon. It will be business complex with offices and service and logistics space, with a total area of 111,000 sqm, as well as green and public spaces. The investment is to be built directly at the Drogowa Trasa Średnicowa (Silesian Central Motorway) and the intersection of the A1 and A4 motorways. 

According to a report published by Newmark Polska, 2023 on the Warsaw office market was a year of stable occupier demand, moderate development activity and continued adaptation of tenants to evolving work patterns. Other notable factors impacting the capital’s market included the growing demand for sustainable and high-tech offices, which in turn led to an increase in refurbishment projects.